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Univision sells tech site Gizmodo and satirical news hub The Onion – Sky News


Technology news website Gizmodo and satirical news site The Onion have been sold to private equity investors.

American media giant Univision sold both websites as well other English-language sites to Great Hill Partners without disclosing the financial terms of the deal.

The Spanish-language broadcaster bought much of what was then known as Gawker Media for $135m in 2016 as part of its strategy investing in websites aimed at young people.

The New York-based company also closed deals involving the The Onion in January 2016 and African-American news site The Root a year earlier.

Univision Building in Los Angeles
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The firm did not disclose the financial terms of the deal

Univision started seeking buyers last July as the websites failed to make a profit just as the company decided to refocus its business towards Spanish TV.

Chief executive Vince Sadusky said in a statement: “Today’s announcement is the culmination of a very thorough process, as part of Univision’s broader strategic realignment and return to its core strengths in Hispanic media and marketing.”

Great Hill Partners said the websites will be owned by a new media company called G/O Media and will be led by former Forbes.com chief executive James Spanfeller.

Mr Spanfeller said: “This opportunity comes at a time when the entire digital media category is beginning to be recognised again for its unique ability to meet the diverse content and delivery needs of consumers and advertisers.

“G/O Media is already the leader among digital media companies speaking to 10-to-34 year old market, and we are confident and excited to see that lead expand.”

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Other websites in the deal also included the female-focused Jezebel, sports site Deadspin and pop-culture site A.V. Club.

Several digital-media companies including BuzzFeed and Mic have recently run into financial trouble as they have been unable to raise revenue through online advertising.



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